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Principles 1 chapter 7 key terms and concepts
Terms in this set (34)
The purpose of the Texas Real Estate License Act is to:
Protect the general public from unscrupulous brokers and salespeople
The Texas Legislature granted TREC the authority to enact rules and regulations that have full force and effect of the law and to advise with reference to these rules and laws.
Which of the following statements regarding the Real Estate Center in Texas is false?
The real estate center has the authority to issue and revoke real estate license
In order to obtain a Texas Real Estate License, an applicant must be a citizen of the United States.
A broker can only represent a seller or a buyer, but not both in the same transaction
A broker is a person who, for compensation:
Sells, exchanges or leases real estate property.
Lists or attempts to list real estate for sale, lease or exchange.
Controls the acceptance or deposit of rent from a resident of a single-family real property unit.
A person who offers, for consideration, to locate a unit in an apartment complex for lease to a prospective tenant is known as a:
CResidential rental locator
The number of hours required for a broker or sales agent license is established by the:
A subagent is a license holder who:
1.Represents a principal through cooperation with and the consent of a broker repre- senting the principal.
2.Is not sponsored by or associated with the principal's broker
Sarah gets a job as a sales representative for Galaxy Custom Homes. She will be working in the new Galaxy model home park, and will be limited to selling Galaxy homes only. Sarah will:
Be exempt from the requirement to be licensed.
Mark geta a new job as a petroleum landman, and will be securing leases for a variety of oil and gas company. Before Mark can begin work, he must have a valid real estate license.
Julie is a licensed attorney in Louisiana. She wants to be paid a commission to represent/nego- tiate on behalf of a purchaser of real estate in Texas. Can Julie do this?
Yes, but only if she obtains a Texas Real Estate License
The provision of the License Act that could potentially abolish the Texas Real Estate Commis- sion is the:
The Texas. Real Estate License Act is a part of the:
Broker members of the Texas Real Estate Commission must have been actively engaged in the real estate brokerage business as their primary source of income for the previous:
The Commission consists ofmembers.
The Commission members are appointed by the___________ and approved by the___________.
How many of the Commission members represent the public.
How many of the commission members are brokers.
The Texas Real Estate Commission has the authority to establish standards of advertising by a license holder acting as a residential rental locator.
The Commission has the authority to set fees for:
1.Filing an application for a broker license
2.Branch office licenses
The commission may adopt rules that require license holder to you certain contract forms adopted by the commission:
In all transactions, except those where a form has been prepared by the property owner or the property owners attorney.
A portion of the broker and sales agent application fee paid to:
The Texas real estate research center
The Commission has subpoena authority that includes the:
a. Calling of witnesses
b. Examination of witnesses under oath
c. Delivery of records and documents
d. All of the above
All of the above
Members of advisory committees created by the Commission are compensated on an hourly basis for
their service on the committee.
The commission may solicit and accept gifts, grants and donations from:
A residential apartment locator in Texas is not required to be a license holder.
An applicant for a real estate license must disclose in the license application whether the applicant has:
1. Been convicted of a felony
2. Entered a pleas of bill co tender to a felony
3. Been convicted of a felony y and the time for appeal has lapsed or the judgment or conviction has been affirmed on appeal
The sales agent exam is divided into two parts. The state portion has questions, and the national portion has questions.
The passing grade on the sales agent exam is
Sally wishes to once again become active in the real estate brokerage business. Her license has been expired for seven months. She must:
Submit an application for a new license and retake the exam
Which of the following is true regarding the imposition of an administrative penalty by TREC?
If the person does not pay the administrative fee, the administrator is authorized by the commission to refer the matter to the attorney general for collection.
A non-licensed person who acts as a broker or salesperson, and receives a commission for selling
real estate may face a civil suit for damages filed by an injured party.
Any person engaging in business as a residential rental locator in Texas without a license could
be charged with a Class A Misdemeanor.
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